Dabur indicates the start of a uptrend

ssvirdi Updated   
Chart type - Heikin Ashi
Time frame - Weekly

Indicators Used:
1. Moving Averages
2. Fibonacci Retracement: Marked by Swing Low of 503 and Swing High of 597

Analysis Notes:
1. The price has successfully tested the retracement level of 50% which is at 548. Now the price has given the breakout of its retracement level of 38.20%.
2. The moving averages didn't breakdown the retracement level of 38.20%.
3. A green HA candle momentum candle also gives a closing above the moving averages.

Resistance - 573.70 (23.60% retracement level)

Price Prediction: If the price holds the levels of 575 then it will test the levels of 600

Note: Daily chart works best for entry and exit in positional trades.

Disclaimer: This is my pre market analysis and my trading journal. Not a suggestion to buy or sell. The material here is purely for educational purposes.

Sardar Simranjit Singh Virdi
Trade active:
Dabur India: For a broader view we take reference from the Renko chart with a brick size of 4. We have 3 green bricks, which means we are in the uptrend but the price is in the Base Zone.
Dabur Daily Heikin Ashi Chart: The structure of HA candles and the flow of moving averages indicates the price will resume its uptrend. Today's high of 376 also shows the buyers are interested to buy on the higher levels. Also on the down side the level of 360 is important to watch.
Dabur Daily Chart: The price has breakdown the 38.20% retracement level with a strong body HA candle which indicates the price loses its momentum and it will try to approach the level of 548.60


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